BOH PPP PORTAL OPEN TODAY!
BOH PPP PORTAL OPEN TODAY! If you have 1st PPP through BOH, you don't have to submit supporting documents unless any changes. One thing I noticed is that
now they may be required the certification that all your employees live in US.. I am not sure how to proof it, maybe only Q and A? Or possibly you may have to submit I-9 form. Please wait and see after submitting PPP Application.
Below is the statement from BOH and attachment is PPP Second Application.
Eligibility Who May Qualify Bank of Hawaii will accept applications from existing customers who have been affected by the COVID-19 crisis. In general, you may be eligible for a Second Draw PPP Loan if your business meets all of the following: Previously received a First Draw PPP Loan and will or has used the full amount for eligible expenses only Has 300 employees of less Able to demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020 Program Details Term 5 years Interest Rate 1% Payment Deferral Payments are deferred for 10 months after the end of the Covered Period, unless a borrower applies for forgiveness during that time. If a borrower applies for forgiveness during that time, loan payments will be deferred until the SBA remits the borrower’s loan forgiveness amount to the lender. Maximum Amount $2 million Loan Amount Calculation In general, loan amounts may be up to 2.5x average covered monthly payroll expenses based on 2019, 2020, or the previous 12 months. Entities in the Accommodation and Food Services industries (NAICS code 72), may receive up to 3.5x instead of the 2.5x amount. For more details on how to calculate your PPP loan amount based on your business type, review this document from the SBA. Covered Period You may select a Covered Period between 8- to 24-weeks. The Covered Period starts on the date your loan funds are dispersed. In order to receive loan forgiveness, your business must use the PPP funds for eligible expenses during the Covered Period. Forgiveness Requirements PPP Loans may be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. Loans may qualify for full loan forgiveness if the all of the following are met during the Covered Period: Employee and compensation levels are maintained (or an eligible exception applies) The loan proceeds are spent on payroll costs and other eligible expenses At least 60 percent of the proceeds are spent on payroll costs Application Deadline The SBA will accept completed PPP loan applications until March 31, 2021 or funding runs out, whichever is earlier. Documents to Prepare Documentation You May Need In addition to completing the online application, below is a preliminary list of documents that will likely be needed to process the PPP loan. Articles of Incorporation/Organization of each borrowing entity* By Laws/Operating Agreement of each borrowing entity* All owners Driver’s Licenses* Payroll Expense verification documents for 2019, 2020 or the last 12 months. IRS Forms 940 and 941 (or equivalent payroll processor records) State quarterly wage unemployment insurance tax reporting forms from each quarter (State of Hawaii Form UC-B6 or equivalent payroll processor records) Evidence of any retirement and health insurance contributions Payroll statement or similar documentation from the pay period covered February 1, 2020 to establish you were in operation on February 15, 2020 Relevant tax filings based on entity type Certification that all employees live within the United States. If any do not, provide a detailed list with corresponding salaries of all employees outside the United States. Documentation that demonstrates at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. *If you received your PPP loan through Bank of Hawaii and there are no changes to these documents, you do not need to resubmit. How to Apply Apply today for a PPP loan. Our online application portal simplifies and streamlines the application process. You’re able to safely apply and upload your documents from the comfort of your home or office. Be sure to have the documents you’ll need handy in electronic form. Please note: Applications for second draw PPP loans are currently being accepted for Bank of Hawaii customers who received their first PPP loan through Bank of Hawaii. If you already received a PPP loan through another lender, we encourage you to check with that lender for your second PPP loan. Applications will be processed only through our online portal. We are not accepting any applications in our branches, over the phone, fax, email, or mail. Applications are reviewed in the order they were submitted.